Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTIONS (Tables)

v3.22.2
STOCK OPTIONS (Tables)
6 Months Ended
Jun. 30, 2022
Share-based Payment Arrangement [Abstract]  
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE

Stock-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expenses

 

$

147,626

 

 

$

913,003

 

 

$

323,844

 

 

$

1,800,080

 

General and administrative expenses

 

 

1,365,463

 

 

 

1,594,269

 

 

 

2,780,991

 

 

 

3,287,594

 

Total stock-based compensation

 

$

1,513,089

 

 

$

2,507,272

 

 

$

3,104,835

 

 

$

5,087,674

 

SUMMARY OF FAIR VALUE OF OPTIONS GRANTED

The weighted average assumptions used principally in determining the fair value of options granted to employees were as follows:

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Risk free interest rate

 

 

1.81

%

 

 

0.71

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected term in years

 

 

6.25

 

 

 

6.25

 

Expected volatility

 

 

97.76

%

 

 

103.46

%

Estimated forfeiture rate

 

 

12.37

%

 

 

8.74

%

SUMMARY OF OPTION ACTIVITY

A summary of option activity for the six months ended June 30, 2022 and is presented below:

 

Options

 

Shares

 

 

Weighted
 Average
Exercise
 Price

 

 

Weighted Average
 Remaining Contractual
Term in Years

 

 

Aggregate
Intrinsic
Value

 

Outstanding at December 31, 2021

 

 

15,326,105

 

 

$

4.06

 

 

 

 

 

 

 

Granted

 

 

5,086,303

 

 

 

0.46

 

 

 

 

 

 

 

Forfeited

 

 

(842,234

)

 

 

3.66

 

 

 

 

 

 

 

Expired

 

 

(277,925

)

 

 

4.75

 

 

 

 

 

 

 

Outstanding at June 30, 2022

 

 

19,292,249

 

 

$

3.12

 

 

 

7.06

 

 

$

10,822,865

 

Vested at June 30, 2022

 

 

10,412,743

 

 

$

4.48

 

 

 

5.32

 

 

$

2,706,655

 

Vested and expected to vest at June 30, 2022

 

 

17,904,934

 

 

$

3.28

 

 

 

6.88

 

 

$

9,268,907